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AMERIWOOD SPECIAL COMMITTEE REJECTS DAY TRUST OFFER

 GRAND RAPIDS, Mich., Dec. 23 /PRNewswire/ -- The Special Committee of Ameriwood Industries International Corporation (NASDAQ: AWII) has received a revised proposal from the Willametta K. Day Trust. In a letter dated Dec. 21, 1992, the Trust has again offered $21 cash for each common share of Ameriwood's common stock. In addition, the Trust has proposed that "the net proceeds, if any, ultimately obtained by Ameriwood from its pending malpractice actions would be made available, pro rata, to the pre-transaction shareholders of Ameriwood ... as appropriately adjusted to reflect certain identified contingent losses and expenses." Finally the Trust has indicated that it is interested in proceeding further in a negotiated transaction only if it can do so exclusively.
 The revised Day Trust proposal represents the culmination of a process that began Oct. 1, 1992, when the Trust first proposed a $21 cash per-share transaction with Ameriwood. On Oct. 5, 1992, the Ameriwood Board voted to establish a Special Committee consisting solely of Director Keith Vander Hyde to evaluate the Day Trust proposal. Subsequently the Special Committee hired legal counsel and Kemper Securities, Inc. to be its financial adviser.
 Today, Dec. 23, 1992, Kemper presented a valuation opinion concerning the Day Trust's revised proposal to the Special Committee. After reviewing the revised Day Trust proposal and the Kemper opinion, the Special Committee then concluded that it would reject the Day Trust proposal as not being in the best interests of Ameriwood or its shareholders.
 Ameriwood, headquartered in Grand Rapids, is one of the country's largest producers of ready-to-assemble furniture and a leading supplier of stereo speaker cabinets to original equipment manufacturers of consumer electronics. The company has facilities in Grand Rapids and Dowagiac, Mich., and Tiffin, Ohio.
 -0- 12/23/92
 /CONTACT: Joel Seligman, 313-764-9345, for Ameriwood Industries International Corporation/
 (AWII)


CO: Ameriwood Industries International Corporation;
 Willametta K. Day Trust ST: Michigan IN: SU:


SM -- DE027 -- 9730 12/23/92 17:17 EST
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Publication:PR Newswire
Date:Dec 23, 1992
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